acting thchief operating vp development & vp …1].pdf · robert j. looby stated that...

Kelly AbbottKimberly Batcke

Amy BenkertShannon Bogardus

Stefan BookKarena Burns Bonnie Call

Monica CorriveauSherry CrofootKathy Cronk

Mary DeGroat

Lindsay DevosBrad Doran

Barbara DwyerJordan Early

Sarah FalkenbergJodi FlemingKathi FortierMarsha FrankSusan Hale

Stephanie HarnsTristine Hileman

Karen HoldenRachel KennedyKaren KnippelLaura Kosiara

Peggy LaDouceAnn Lagalo

Jennifer LarsonPam Lovay

Sandy McGuireMisty McQuaidKiersten Miller

Penny MitchellKristina MorseMitzi Murphy

Mary MyczkowiakJeff Nellett

Yvette NevarezElena Neyman

Joan NickelRachael Odenbach

Patti O’NeilElizabeth Orange

Alicia PetricevicLindsay PittwoodSandra QuinnanJoan SampsonJulie SchwindFrana Sommer

Susan SovaPam Stark

Adam StasinskiDelina Stiger

Rebecca Swanson

Julie ThorntonLisa Ulicki

Lindsay WaryasByron Weber

Debbie WeisenbergerVirginia WheltonJustine Woodman

Catholic Federal Credit Union EmployeesM A N A G E M E N T

Board of Directors

Alan Watson Thomas Zirkle Bridget Looby Bethany Dutcher Marilyn Nevarez-Deisler Amy Mikolaiczik Mindy Wolpert ACTING CHIEF OPERATING VP DEVELOPMENT & VP MARKETING VP MEMBER REP. VP SYSTEMS & ASST. VP LOANS / PRESIDENT / C.E.O. OFFICER COMMUNITY RELATIONS OPERATIONS DEVELOPMENT MEMBER SERVICE

Robert J. Looby Kathleen McGraw C. Patrick Kaltenbach Jerd A. Clayton Donald L. Gallant Catherine B. Ryan Darwin Shreve CHAIRMAN VICE-CHAIR SECRETARY TREASURER DIRECTOR DIRECTOR DIRECTOR

Pat Backus EUCLID AVE.

BRANCH MGR.

Victoria Hill CASS AVE. BRANCH MGR.

Leslie Fall VASSAR BRANCH MGR.

Yvonne Metiva WILLIAMSON RD.

BRANCH MGR.

Kristy Fila ESSEXVILLE

BRANCH MGR.

Susan Hackenberg CONTROLLER / ACCOUNTING

Kelly Prast MORTGAGE SUPERVISOR

Enid Engel TELLER SUPERVISOR

Wendy Gleason LOAN SYSTEMS COORDINATOR

Tiffany DeGarmo COMPLIANCE / TRAINING

SUPERVISOR

Jeanne Lawrence COLLECTION SUPERVISOR

Marcia Flores INFORMATION SYSTEMS

MANAGER

Katie Knippel CALL CENTER SUPERVISOR

Regina Barajas SALES & SERVICE TRAINER

ASSET & LIABILITY

David Beyerlein

BUILDING & GROUNDS

Michael Green

MSGR FORBES SCHOLARSHIP

Genevieve Mendoza José Salinas

COMMUNITY RELATIONS

Marie Bieri Ann Blazejewski

Janet Gallant Joan Kruske

Dan McKuneStanley Sobol

SUPERVISORY

Joseph DeFrancesco Carl Jaenicke Janet Lichon José Salinas

Lee R. Scheib

T.A.T.

Rosemary Borchers Nathalie Dixon Marge Harris

Joan Kish Theresa May

T.A.T.

Patrick McCartney Frank Snyder Kay Voelker

Thomas Westhoff

B R A N C H M A N A G E R S & S U P E R V I S O R S

S T A F F

C O M M I T T E E V O L U N T E E R S

6180 State Street • Saginaw, MI 48603 2280 Williamson Road • Saginaw, MI 48601

1504 Cass Avenue • Bay City, MI 48708 915 South Euclid • Bay City, MI 48706

3015 Center Avenue • Essexville, MI 48732

334 Division Street • Vassar, MI 48768

Telephone • 989.799.8744 • 800.798.2328 Express Telephone • 989.799.8813 • 800.475.2338

Schedule of Events5:00 pm BUSINESS MEETING

Chairman’s Welcome

Memorial Prayer

Pledge of Allegiance

Mission Statement

Introduction of Officers

Chairman’s Report

C.E.O. Report

Board Election

Treasurer’s Report

Minutes of Last Meeting

Supervisory Committee Report

Volunteer of the Year

Msgr. Forbes Scholarship Fund Election & Report

Old Business

New Business

Prize Drawings

6:00 pm BUFFET DINNER

7:30 - 11:00 pm MUSIC & DANCING

Mission StatementCatholic Federal exists to be the number one financial institution for all members, in an atmosphere that maintains the dignity of, and sensitivity to, all of our members.

VECTOR

STORI ES

Saturday, February 26, 2011Horizons Conference Center6200 State St., Saginaw, MI

Annual Meeting55th

2 0 0 8 2 0 1 02 0 0 6 2 0 0 7 2 0 0 9

Saturday, March 20, 2010 • 5:00 pm Horizons Conference Center • 6200 State Street, Saginaw, MI 48603

Growth in Reserves & Undivided Earnings

$172,238 $191,436$151,039

(in millions)

$227,958$286,500

$204,168

ASSETS 2010 2009Cash $19,821,834 $8,806,744Investments 63,243,617 49,875,188Loans, Net of Allowance for Loan Losses 191,435,931 190,162,716NCUSIF Deposit 2,428,308 2,178,855Total Other Assets 9,570,472 9,902,043 TOTAL ASSETS _______________________ $286,500,162 ____$260,925,546

LIABILITIESAccrued Dividends & Other Liabilities $1,043,636 $1,077,005Total Shares & Deposits 254,426,398 230,476,741 TOTAL LIABILITIES ____________________ $255,470,034 ____$231,553,746

EQUITYUndivided Earnings & Other Reserves $25,609,979 $23,951,651Regular Reserves 5,420,149 5,420,149 TOTAL EQUITY ________________________ $31,030,128 ______29,371,800 TOTAL LIABILITIES, SHARES & EQUITY ___ $286,500,162 ____$260,925,546

INTEREST INCOMEInterest on Loans $10,513,656 $10,542,470Income from Investments 1,394,688 1,383,700 TOTAL INTEREST INCOME _______________ $11,908,344 _____$11,926,170

INTEREST EXPENSEDividends on Shares $2,835,336 $3,679,216Interest on Borrowed Money 0 0 TOTAL DIVIDEND/INTEREST EXPENSE _______ $2,835,336 ______$3,679,216

NET INTEREST INCOME $9,073,008 $8,246,954Provision for Loan Loss 946,771 990,119 NET INTEREST INCOME AFTER PROVISION __ $8,126,237 ______$7,256,835

TOTAL NON-INTEREST INCOME ___________ $1,688,387 ______$1,560,145

NON-INTEREST EXPENSEEmployee Compensation & Benefits $3,534,932 $3,366,462Office Occupancy Expense 759,130 569,468Office Operations Expense 1,740,214 1,783,407Educational & Promotional Expense 726,311 984,549Miscellaneous Operating Expenses 930,194 944,017 TOTAL NON-INTEREST EXPENSES __________ $7,690,781 ______$7,647,903

NET INCOME BEFORE NCUSIF STABILIZATION EXPENSE _________________ $2,123,843 ______$1,169,077

NCUSIF STABILIZATION (EXPENSE) RECOVERY ____________________ ($620,917) ______$1,559,715

NET INCOME (LOSS) ____________________ $1,502,926 ______$2,728,792

STATISTICSNumber of Members at Year End 26,487 25,664Number of Borrowers 10,578 10,438Dollars Loaned to Members During the Year $61,241,000 $76,874,000Dollars Loaned to Members Since Organization $1,139,361,000 $1,078,120,000

Respectfully submitted,

Jerd A. Clayton, Treasurer

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$26,685$31,030

$27,345(in millions)

2 0 0 7

$28,202

$167,590

$211,377

Minutes of the 54th Annual Meeting R E P O R T F R O M T H E

Supervisory Committee

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$29,372

$190,163

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(in millions)Assets

$260,926

Report from the TreasurerFINANCIAL STATISTICS For Years Ending December 31

CHAIRMAN’S WELCOMEThe meeting came to order with Catholic Federal Credit Union’s Chairman of the Board, Robert J. Looby, wel-coming all members, staff and guests to the 54th Annual Meeting. He noted that he firmly believes that the credit union is for the members and the community.

MEMORIAL PRAYERBridget Looby

PLEDGE OF ALLEGIANCERobert J. Looby

MISSION STATEMENTRobert J. Looby led the attendees in the reading of the CFCU mission statement.

INTRODUCTION OF OFFICERSRobert J. Looby introduced the Board members, Kathleen McGraw who was out of town on business, C. Patrick Kaltenbach, Jerd A. Clayton, Donald L. Gallant, Catherine Ryan, and Darwin Shreve. He also introduced the Supervi-sory Committee members, Honorable Joseph DeFrancesco, Lee R. Schieb, Carl Jaenicke, Janet Lichon and José Salinas.

PRESIDENT’S REPORTRobert R. Adams welcomed all attendees and noted that there was a composite display of all board and committee volunteers, from 1956 through current. Those who served in the armed forces were notated by an American flag.

Adams stated that in 4th quarter of 2007, the economy in the Saginaw-area as well as throughout the nation was beginning to turn sour. There were some instances where members walked away from their homes because of job loss or out-of-state job opportunities; by the first quarter of 2008 the Management team instituted substantial programs in the areas of cost-reduction and increased income. Management was very successful in meeting their goals. In 2009, the economy was getting worse and management used the same approach of reducing costs and increasing income to make the credit union more efficient in operations and came through with an outstanding financial statement. Adams added that the bottom line for 2009 was the best in several years, and added emphasis to a time of such poor economy. He noted that the same programs were currently in place and goals had been set for 2010 by the management staff and board of directors.

Adams noted that the NCUA gave CFCU the highest rating in 2009 that a Federal credit union can receive and they were astounded to see that CFCU had survived so well dur-ing the economically-stressed time. Compared to industry peers, CFCU performed above the peer group nationally and in Michigan; in addition to being substantially above the peer group within the Tri-City area. Adams added that CFCU continues to be a very sound, stable, and conserva-tive institution.

Adams reported on the Essexville branch which just celebrated its first anniversary. Very soon after the office opened construction crews tore apart Center Avenue for approximately six months, which did affect some business at CFCU. Since the roads reopened the Marketing and Business Development staff has been promoting the office and service is picking up.

Adams finished by giving recognition to the staff members and pointing out the longevity that exists and knowledge that they hold.

MINUTES OF THE 52ND ANNUAL MEETINGRobert J. Looby brought the attendees’ attention to the 53rd Annual Meeting Minutes inside their program. R. Frisch made a motion from the floor to approve the minutes from the last annual meeting and D. Demand seconded the motion. The motion passed.

TREASURER’S REPORTJerd Clayton presented the 2009 Treasurer’s Report and recognized Chief Financial Officer, Alan Watson, for pro-viding the tools necessary to make decisions each month. CFCU experienced tremendous asset growth in 2009. Total member deposits were up $31 million, driving assets up 14%; $18 million of these deposits were used to fund our loan growth of 10% - the national average loan growth was 1%. Equity Reserves grew to over $29 million giving CFCU a Net Worth ratio of 11.26%; NCUA Peer Group Net Worth was 10.18%. Operating Net Income before Insurance Fund adjustments was much improved over the prior year - $1,169,077 in 2009 vs. $177,562 in 2008. Net Income improvement was a result of the falling rate environment and management cost cutting efforts. CFCU remains of great value to our members, per Raddon Financial Group, our annual rate giveback is approximately $950,000; Finally, CFCU recovered Insurance Fund deposits of $1.5 million as direct result of NCUA creating the Temporary Corporate Credit Union Stabilization Fund. This fund will allow credit unions to no longer bear significant, one-time burdens for stabilizing the Insurance Fund.

Barb Luczak made a motion from the floor to accept the Treasurer’s Report and Marilyn Nevarez-Deisler seconded the motion. The motion passed.

SUPERVISORY COMMITTEE REPORTRobert J. Looby presented the Supervisory Committee Report. The report was accepted as presented.

MONSIGNOR FORBES SCHOLARSHIPFUND COMMITTEEClayton acknowledged fellow trustees, Genevieve Men-doza and José Salinas for their commitment of time and expertise in reviewing all of the scholarship applications.

He also recognized CFCU’s Administrative Assistant, Jamie Maxwell, for her help in preparing the applications for review.

The Msgr. Forbes Scholarship Fund was formed in 1982 and was named for the late Msgr. Eugene A. Forbes, who believed that all children and young people should have the opportunity to receive a secondary education. The fund is sustained by private donations and a portion of the Board’s annual budget. Trustees review the applicant’s financial need, educational and occupational goals, GPA, as well as many other criterions before the awards are made. In 2009, there were 242 scholarships awarded to members totaling $118,400. He stated that in 2010, the Scholarship Fund will exceed $1 million in awards since its inception in 1982. He added that the deadline for the scholarship application is March 27, 2010 and members who have children and grandchildren are urged to apply.

Robert J. Looby stated that Incumbent, José Salinas was up for re-election as a Trustee on the Monsignor Forbes Scholarship Committee. The re-election period is three years. M. Nevarez-Deisler made a motion from the floor to re-elect Genevieve Mendoza as a Trustee and B. Luczak seconded it. The motion passed unanimously.

OLD BUSINESSNo old business came before the board.

NEW BUSINESSNo new business came before the board.

The 54th Catholic Federal Credit Union Annual Meeting adjourned at 5:30 p.m. after a motion by Louis Nevarez and a second by B. Luczak. The motion passed.

Robert J. Looby, Chairman C. Patrick Kaltenbach, Secretary

The Supervisory Committee finished a busy

and productive 2010. This volunteer com-

mittee meets monthly to complete a variety

of audit and review functions.

The committee reviewed 4,208 approved

loans totaling $70,656,520.55, and 706

de nied loans totaling $5,519,062.42. The

committee also carefully reviewed charged-

off loans; accounting reports, teller cash

count reports and loan delinquency reports.

A representative from the committee is in

attendance at the monthly board meeting

which periodically includes audit reviews,

presented by Catholic Federal’s external

auditor, Rehmann Robson. The auditor

discusses their findings of operational pro-

cedures regarding CFCU services, such as

checking and savings accounts, and loan ap-

plications. These audits continue to improve

our operation results.

The members of the Supervisory Committee

include, Carl Jaenicke, Lee R. Scheib, Joseph

DeFrancesco, Janet Lichon and José Salinas.

The committee members also periodically

attend educational seminars to help fulfill

their duty of staying educated on the basic

functions of the Supervisory Committee as

it relates to the credit union.

Lee R. Scheib, Co-Chairman

Joseph G. DeFrancesco, Co-Chairman

Save the Date!2012 Annual Meeting �

& Dinner/DanceSaturday, February 25, 2012Doubletree Hotel, Bay City